HB3141 Summary

• Increases the maximum senior citizens homestead exemption to $8,000 in all counties for taxable years 2022 and thereafter, eliminating the previous distinction between large counties (3,000,000+ inhabitants) and smaller counties.

• Previously, counties with 3,000,000 or more inhabitants received $8,000 maximum exemptions while all other counties received $5,000 for taxable years 2017-2021; this change equalizes the amount statewide.

• The homestead exemption applies to property occupied as a residence by persons 65 years of age or older who are liable for real estate taxes and own or have a legal/equitable interest in the property.

• Takes effect immediately upon becoming law.